Tuesday, May 12, 2009

Can't Sell? Try Renting

by Calculated Risk on 5/12/2009 04:24:00 PM

From CNBC: Homeowners Turn to Renting, Waiting for Market to Recover

Still having trouble selling your house? More homeowners are deciding to rent out their homes while they wait for the market to recover.

"I had my condo on the market for three months and I didn't have any bites," says Molly Smith, a public relations executive in Newburyport, Massachusetts. "I realized if I was going to sell it, I'd take a big loss."

So the 29-year-old Smith, who wanted a shorter commute to her job, decided to rent out her house and move into a rental herself.
And here is a video I took this morning in Newport Beach (note: this also fits with the Home Sales: One and Done post too. Who will buy in these more expensive beach communities when there are no move up buyers?

Please be patient with me - I'm still working on this video stuff!

The construction noise at the beginning of the video is a new Senior Center being built (still demolishing the old structure and grading the property).

Although rentals are common in Newport Beach, the market is usually very tight. Not right now.